Hutchinson ranked as nation’s top apartment builder: HIA

The largest 100 residential builders created 80 per cent of new houses and apartments last year

The largest 100 residential builders created 80 per cent of new houses and apartments in the last financial year.

For the sixth consecutive year, Metricon Homes was the nation’s number one residential builder.

The largest apartment builder in this year’s report was Hutchies, who ranked as the 5th most active builder overall, down three places.

It constructed 3015 apartments, down from 3820 in 2019-20.

Encore Broadbeach 22 Albert Avenue, Broadbeach QLD 4218 

Hutchinson are one of only three apartment builders in the top 20 this year, which include Meriton Apartments on 1412.

Hutchinson Builders, founded in 1918, has an average project value of $19 million, working across commercial and residential high-rise, health, education, retail, and aged care.

The top 100 list saw an increase in the number of detached house starts by 49 per cent while the number of units fell by 20 per cent.

The HIA-COLORBOND® steel Housing 100 Report ranks Australia’s largest 100 residential builders based on the number of homes commenced each year.

Metricon Homes reported a total of 6,052 new home starts across Victoria, Queensland, New South Wales and South Australia. Of these starts, 5,820 were detached houses and 232 were semi-detached dwellings. The Metricon CEO, Mario Biasin advised Metricon has grown from 604 site starts in Queensland in 2019/20 to 1177 in 2020/21 representing a 95% year on year growth.

Moving up from fourth in the 2019/20 report, the second most active builder in 2020/21 was ABN Group with 5,345 starts.

They were followed by MJH Group with 4,548 starts.

“The past year has been a remarkable year for home building,” HIA Chief economist, Tim Reardon said.

“The majority of builders increased their number of dwelling starts in 2020/21 compared to the previous year. Those that didn’t were more likely to be in the multi-unit market.

“In this market, it is not surprising that detached home builders have dominated the list of the most active home builders in Australia.

“The loss of overseas migration last year hit the apartment market almost immediately.

Belvedere 25 Woodroffe Avenue, Main Beach QLD 4217 

“Overseas students, tourists and migrants often stay in multi-unit dwellings when they first arrive in the country.

“This trend was exacerbated by the shift in consumer preferences towards lower density housing,” he suggested.

With this boom in home building, the minimum number of homes required to make it onto this list rose from 108 to 125, the highest in the 28 years that the report has been released.

The top 100 builders grew their market share of the new home building market from 40 per cent last year to 44 per cent in 2020/21, suggesting that larger builders were able to expand their capacity to build faster than smaller builders.

The largest 100 residential builders increased revenue earned from home construction by 31 per cent to $31.7 billion in 2020/21.

 

Article Source: www.urban.com.au

from Queensland Property Investor https://ift.tt/3ok609N
via IFTTT

Final five apartments released in Chevron Island’s Allure as locals dominate sales

Over two thirds of the 90 sales so far have been to owner-occupiers, with 75 per cent of those being locals

The final five apartments in the sought-after Allure development on Chevron Island have been released to the market, at a time where the supply of new apartments is nearing record lows.

Each of the apartments left in the Macquarie York-developed, BDA Architect-designed building at 26-28 Dalpura Street, have three bedrooms and a multi-purpose room.

Macquarie York founder Roy Skaf said that the timing of launching Allure, which has netted over $72 million in sales, coincided with a demand for high-quality residences in the heart of the Gold Coast.

“Locals in particular have a strong awareness of Chevron Island’s distinctive charm, retaining a village-like atmosphere while being just moments from the vibrant coastal precinct just across the bridge.

Allure Chevron Island Corner Burra Street & Dalpura Street, Chevron Island QLD 4217 

“Allure has also captured the attention of savvy interstate buyers either looking to make a home for themselves surrounded by opulence, or those seeking a savvy investment opportunity in an area of incredible appeal.”

Over two thirds of the 90 sales so far have been to owner-occupiers, with 75 per cent of those being locals. The rest are southeners moving from New South Wales and Victoria to take up residence in the 17-level building.

Prices start from $1.1 million for the last release, and range to $1.3 million.

Allure is set to be one of the first developments completed on Chevron Island, which has recently seen a wave of new boutique developments hit the market and the Gold Coast City planning application portal.

Urbis’s Gold Coast Apartment Essentials report for Q2 revealed that just over four months supply of apartments remain if sales rates continue as they are, and no new projects are released.

The central Gold Coast precinct remains the epicentre of market demand, accounting for or more than half the total sales on the Gold Coast over the second quarter.

Construction of Allure is currently underway with completion expected early next year.

Macquarie York’s Gold Coast debut success of Allure has spurred plans for the developer to introduce its prestigious product to the southern Gold Coast, laying plans for an ultra- boutique collection of residences in Palm Beach.

 

Article Source: www.urban.com.au

from Queensland Property Investor https://ift.tt/3AWQBiW
via IFTTT

Developer Stakes New Claim in Greenfield Hotspot

Perth-based developer Peet has staked another claim in Melbourne’s blue-chip greenfield corridor, fending off a fierce line-up of bidders for the balance of an existing estate landholding.

It has purchased a 26ha permit-approved chunk of Greencor Developments’ Mystique Estate at Wollert, in the city’s northern residential growth belt.

Peet was among a highly-competitive field of developers circling the holding in Victoria’s greenfield hotspot.

The site is surrounded by other large masterplanned communities including Cedar Woods’ “Mason Quarter”, Dahua’s “Wollert Rise”, Bauenort’s “FindonView Estate” and AV Jennings’ “Lyndarum North”.

It is expected to yield 300 lots—more than half of the 550 lots in the actively trading Mystique Estate in which 250 lots have already sold, constructed and settled.

Marketing agent Kane Malcolmson from Core Projects said the transaction of the 25.75ha holding reflects and underpins the current strength of the Victorian greenfield land market.

He said the off-market expressions of interest campaign resulted in 15 formal offers being put on the negotiating table.

“The property attracted a strong mix of Australian and off-shore interest from developers relishing the opportunity to purchase an established and trading estate within the highly sought-after Wollert precinct,” Malcolmson said.

“It was extremely well contested under very competitive conditions. Peet Limited will deliver a fantastic project across the balance of 300 lots.”

Low interest rates and government stimulus packages have underpinned the strong demand for house and land sites over the past 12 months.

Victorians accounted for 29 per cent of all HomeBuilder applications with close to 30,000 new build applications.

Melbourne’s growth corridors in the north and west were earmarked for an additional 284,000 dwellings in Melbourne’s Urban Growth Boundary.

Cedar Woods, another Perth-based developer, recently bolstered its land supply in Melbourne’s western growth corridor, acquiring 54-hectares for $63.5 million.

The two separate transactions were for a 14.6ha site at Fraser Rise ($30.5 million) and a 39.7ha site at Fieldstone ($33 million), adding a further 725 lots to its pipeline.

 

Article Source: www.theurbandeveloper.com

from Queensland Property Investor https://ift.tt/3AUaszf
via IFTTT

Brookfield Bumps Up Hamilton Northshore Offering

Brookfield Residential Properties is planning another tower in Northshore Hamilton near the site of the Brisbane 2032 Olympic Athletes’ Village.

Six two-storey townhouses and 186 apartments are planned for building 19 on Macarthur Avenue, Hamilton. Childcare, office, retail offerings and a tourist facility are slated for the building’s commercial floorspace.

The Cottee Parker-designed 16-storey tower sits atop a four-storey podium and recreation deck on the 3384sq m site currently home to the Brisbane Cruise Terminal Building.

▲ The latest Brookfield tower planned for Northshore Hamilton and the current developments under way. Image: Cottee Parker 

Brookfield has won approval for more than 1000 apartments in the area including the recently-completed building 16 A-B Gallery House, approved 18 Olandia and launched 17 Rivello.

Other developments in the area include Wentworth Equities triple-tower development at 19 Hercules Street and towers surrounding the Portside Wharf open mall.

The Hamilton Northshore priority development area will eventually encompass 304-hectares along the Brisbane River.

▲ A first look of the Brisbane 2032 Olympic Athletes Village located around Eat Street along the river. 

The region currently used for commercial warehouses and parking will also soon be home to the Olympic athletes’ village which will house 10,000 athletes and team officials.

The athletes village will be located further east towards the 2017 developed Eat Street Northshore shipping container hospitality site.

After the games the precinct would be converted to accommodate residential offering, including aged care, retirement living, social and affordable housing, key worker, hotel, build-to-rent and market accommodation.

The area is expected to generate $500 million in private sector investment.

 

Article Source: www.theurbandeveloper.com

from Queensland Property Investor https://ift.tt/3ilQjuN
via IFTTT

Aria Property Group: Check out the team behind Trellis and their award-winning track record

Brisbane-based Aria Property Group has consistently delivered not only popular developments, but those recognized officially as best-in-show for quality across Queensland and all of Australia

Brisbane-based Aria Property Group has consistently delivered not only popular developments, but those recognized officially as best-in-show for quality across Queensland and all of Australia by the UDIA, HIA, PCA, AIA and more.

Aria Property Group founder and managing director Tim Forrester said that since its inception in 2003, Aria’s vision has been to create iconic residential and retail projects that we will be proud to walk our families past in 20 years’ time. Aria take great pride in the unique character, creativity and longevity of our projects and the leading role they play in the communities in which they reside.

They consistently work hand in hand with some of Australia’s most decorated architects and interior designers recognising the need for top-of-the line expertise in every part of a development.

For three years, through 2017, 2018 and 2019, Aria was recognised by the UDIA as the Best High Density Developer in Australia. They have an even stronger track record in Queensland, awarded Best in Queensland in 2020, 2019, 2018, 2017, 2016, 2015, 2013, 2012 and 2009.

Some of their most decorated developments include Oxley + Stirling Residences which won 11 awards across a sweeping range of categories. The South Brisbane apartment tower where residents get free bicycles, newspapers and yoga classes was created in collaboration with the decorated team at Elenberg Fraser.

A recent example of their success is the winning of two awards at the 2021 QLD Master Builders Award for its West End apartment development, Tree House. Tree House, designed by Rothelowman, won the overall 2021 QLD Master Builders Award for Residential (Regional), as well as the award for residential high-rise building over $20 million.

Their latest project is Trellis, billed as their most sustainable development to date. Filled with, as one might expect trellises, Aria’s sustainable efforts extend to more than just a green thumb.

Trellis 20 Edmondstone Street, South Brisbane QLD 4101 

The four key areas of focus for Trellis’s sustainability initiatives include landscaping and greenery, electricity, water and the apartments themselves, all with the goal of putting their best environmentally friendly foot forward, as has been a growing trend across their recent developments.

Aria has aimed to offset 100% of common area electricity costs, reducing reliance on air-conditioning, incorporating 60,000L of rainwater tanks and more like Tesla battery and wall charging.

All 110 of the two and three bedroom apartments in the 12 story building are have been designed by Rothelowman.

The 20 Edmondstone Street apartment building is home to more than 1,100 sqm of community amenity across the Residents’ Rooftop Club on level 13 and the Temple of Wellness on the ground floor.

Set for completion in mid-2023, construction will be undertaken by the team at McNab Construction.

As the latest in their line of South Brisbane developments, Trellis takes inspiration from wide open spaces used in previous developments with a sweeping 590 sqm lobby and three metre high ceilings in the apartments themselves.

 

Article Source: www.urban.com.au

 

from Queensland Property Investor https://ift.tt/3ijl2c1
via IFTTT

Melbourne developer Goldfields take first step in to Brisbane

The Melbourne-based developer, Goldfields, are expanding in to Brisbane.

Their first project, a joint venture with Icon Development Australia, will be in Milton, the riverside suburb in the inner western ring of the city. They’ve submitted plans for a 20-level tower designed by Rothelowman at 29-35 Manning Street, a combination of the two lots totalling 3,511 sqm.

Goldfields Chief Executive, Lachlan Thompson, told Urban that the time was right to go in to the Brisbane apartment market.

“As a national property developer, we are constantly looking for areas that offer strong development potential and we were impressed with Milton’s amenity and connectivity to all things lifestyle related,” Thompson said.

“We are of the strong opinion that Milton, as a suburb, is on the cusp of significant capital value growth due to limited supply and its proximity to the bustling Park Street retail strip.

The 20-level tower draped in landscaping. Image credit: Rothelowman 

Rothelowman say the proposed 131-apartment building is a homage to the vernacular intelligence of the traditional Queensland Home.

“The Queensland Home, with its wide verandahs and eaves, is a perfectly adapted architectural response to the local climate,” Rothelowman advised in their plans submitted to the Brisbane City Council.

“Our approach aims to capture the open friendliness of the traditional Queensland Home, a characteristic born of the warmer regions of Australia.

“It is aiming to reflect and acknowledge the semi-outdoor lifestyle, a unique expression of the way people have adapted to their environment.”

Oriented to maximise the eastern aspect and minimise north-west exposure, the building responds directly to its immediate urban context, while also celebrating the views of Brisbane CBD and the Brisbane River.

There will be 14 one-bedroom apartments, 91 two-beds, 16 with a multipurpose room, 18 three-bedroom apartments and eight four-bedders, located across the top two levels.

The tower’s floor plate maximises both the eastern and southern aspect, river and city views from the apartments.

The building will be crowned with Sky Terrace, a generous recreational space for residents featuring a swimming pool, outdoor kitchen and dining area.

Landscaping is a big feature, with FORME Landscape Architects installing vertical greenery on the podium and on the rooftop.

Thompson says the apartments will appeal to young professional in particular.

“This includes the “three day a week owner occupiers” that split their time between the Sunshine Coast and inner-city Brisbane, but don’t want to compromise on quality or safety, as well as strategic investors,” Thompson said.

Goldfields entered the Queensland market four years ago with a $350 million, 1,000 lot master-planned community in Ripley, in Ipswich.

Next the company will be announcing a mixed-use acquisition in East Elimbah that will, in time, deliver over a billion-dollar multi sector development.

“We have been hungry to grow and further diversify our presence here with built-form opportunities within the inner suburbs of Brisbane,” Thompson said.

As we continue to build our Queensland portfolio, we are considering a number of development opportunities from Brisbane to the Sunshine Coast and look forward to making further announcements in the near future.”

Goldfields also have a presence in Sydney, having recently launched The Livingstone, a collection of townhouses in Sydney’s affluent Pymble.

 

Article Source: www.urban.com.au

 

from Queensland Property Investor https://ift.tt/3kOb2sU
via IFTTT

Plans Lodged for 33-Storey Broadbeach Tower

A developer has lodged plans for a 33-storey residential development in Broadbeach as the Gold Coast’s red-hot apartment market continues to outstrip supply.

The 46-apartment project, planned for a 670sq m site on the corner of First Avenue and Surf Parade—two streets back from the beach, has been put forward by 14 First Avenue Pty Ltd.

The entity is headed up by Gold Coast-based developer Leonard Steiner and joint venture partner Dimitri Katsimberis, a Sydney-based investor.

The high-rise apartment complex, called Myst, will replace an existing low-rise apartment block comprising eight units.

The Plus Architecture-designed development will be targeted at the local owner-occupier market.

The tower will offer two apartments per floor in three-bedroom configurations. It will be topped with a four-bedroom penthouse featuring a private rooftop area and pool.

There will also be three sub-penthouses above a residents lounge on level 27, offering a private dining and function room, meeting rooms and work pods for those needing more space while working from home.

A wellness centre and communal pool are also planned between level four and five.

The Urban Developer approached the project’s directors who declined to comment on the development at this early stage.

▲ The project will feature a two level podium housing 20 car park spaces as well as spaces within the building’s basement. Image: Plus Architecture 

The developer joins a host of interstate property groups currently sweeping up sites on the Gold Coast as they look to take advantage of rising demand for new apartments and a looming under-supply of stock.

Record sales of new apartments, especially larger residences, have been driven by demand from downsizing owner-occupiers and interstate buyers taking advantage of the shift to work-from-home.

Developers have also been buoyed by state government forecasts that suggest the Gold Coast could now attract up to 15,000 people per annum.

To meet the demand, the city is expected to need 6300 dwellings a year.

Across the city, there are currently more than 50 residential projects with an estimated investment value of $4.8 billion under construction and with firm pipeline commitments.

Broadbeach is now among the Gold Coast’s biggest development hot spots, led by the $2-billion masterplan for The Star Gold Coast casino site and the $670-million expansion of Pacific Fair.

Also at Broadbeach, Brisbane-based developer Turrisi Properties has similarly scaled plans for a $100-million, 22-storey residential development at 9-11 Armrick Avenue before the council.

Sydney developer Macquarie Developments Group has paid about $4.5 million for a 1200sq m corner block at 15 Rosewood Avenue, which sold with a permit for 186 apartments over 39 levels.

Broadbeach Luxe Development, headed by director John Kubatov, has recently launched its six-star, $160-million residential project at 2 Charles Avenue, comprising 28 apartments.

Iris Capital, which generates revenue of $500 million a year from a $3-billion real estate portfolio, has also joined the Gold Coast property rush, lodging plans for a $800-million, two-tower project at Broadbeach’s Niecon Plaza site.

Iris Capital’s project will comprise a total of 333 apartments across its 30-level and 40-level towers, both topped with two sub-penthouses and a penthouse.

 

Article Source: www.theurbandeveloper.com

from Queensland Property Investor https://ift.tt/2Y7xwfS
via IFTTT

The Gold Coast economy is set to prosper with positive property outlook

Colliers International Gold Coast Snapshot has revealed the city will hit the one million population milestone within the next 30 years, underpinned by the internal migration seen throughout the pandemic and more than 50 residential projects currently in the works.

The announcement:

The Gold Coast’s strengthening economic resilience and solid growth as the preferred destination for Australia’s “internal migrants” is expected to underpin a positive long-term outlook for its property sector, according to new research.

Across the city, there are currently more than 50 residential projects with an estimated investment value of $4.8 billion under construction and with firm pipeline commitments. “Affordability, lifestyle and high-quality health and education services have consolidated the region as the preferred destination for net interstate migration across Australia over the past year,” the report states.The latest Colliers International Gold Coast Snapshot, despite the impact of the COVID-19 pandemic, the city is still on track to hit the one million population milestone within the next 30 years.

“The COVID-19 pandemic has had a negative impact on business activity, particularly for businesses operating in the sectors of tourism and international education, however other sectors have thrived including logistics and the housing market.

“Whilst the Gold Coast economy has not been immune to the current economic uncertainty, the long-term regional economic fundamentals are expected to underpin a positive long-term outlook for property investors.”

Steven King, Director in Charge at Colliers Gold Coast, says the research underpins the strength of the Gold Coast economy despite the challenges posed by Covid.

“Obviously certain sectors have struggled such as tourism but the data shows that the city is not only enduring under the weight of these challenges but forecast to perform very well when things get back to normal,” said Mr King.

“The infrastructure and development pipeline and population forecasts outlined in the data paint a very positive long term picture for the Gold Coast.”

The Snapshot indicates forecast investment in major infrastructure projects totalling $5.2 billion will significantly facilitate the recovery and growth of Australia’s sixth biggest city.

“The forecast investment in large infrastructure projects is equivalent to about 13.6 per cent of the GRP (Gross Regional Product),” it states.

Among the major projects it cites are Pacific View Estate ($3.2 billion), Coomera Connector ($1.5 billion), Light Rail Stage 3 to Burleigh Heads ($1.04 billion), M1 Pacific Motorway Upgrade Varsity Lakes to Tugun ($1.03 billion), Queen Street Village Southport ($500 million) and the Star Casino Expansion ($345 million).

According to the Snapshot, the Gold Coast’s increasing resilience is also evident in the latest employment figures, which show its employed ranks now total 371,100 persons — an historic record level in the region.

“The Gold Coast has historically been able to create job opportunities for the growing population,” it states.

“Despite the challenges imposed by the pandemic, the regional employment market has recovered quickly with the unemployment rate contracting from the peak of 8.9 per cent in July 2020 to 3.9 per cent in May 2021.”

Construction employment remains very relevant for the region and has been boosted by the HomeBuilder program implemented to support the recovery of the national economy.

Tourism, which has consistently been a major industry in the Gold Coast, has been negatively impacted by the pandemic since March 2020.

But despite the challenges, an annual economic injection from domestic tourism activity of $2.4 billion was estimated for the year-on-year to March 2021.

 

Article Source: eliteagent.com

from Queensland Property Investor https://ift.tt/2Y8i1nY
via IFTTT

Super a great way to invest as you near retirement

A relation aged 25 is earning $150,000 a year in a construction job. He and his partner will be paying for a new house-and-land package next year. He asked me if he should be salary sacrificing to save tax. I told him I did not think that was wise in light of his proposed house purchase and all the costs associated with that. Your often mention salary sacrificing to superannuation rather than paying off a home loan, but am I correct in thinking this would only be applicable to somebody approaching retirement?

You are spot on. It would be crazy to be piling money into super at such a young age when they are planning to buy a house in the foreseeable future.

In any event, salary sacrifice into super is not a massive tax saver in his situation. His employer should already be paying $15,000 a year into super, which leaves only $12,500 available to be salary sacrificed.

The sum of $12,500 in his pay packet would lose tax of $4937, whereas money contributed to super would lose $1875. The tax saving of $3062 is relatively small.

It is a different matter entirely for someone aged 50 or more who wants to pour money into super, to make sure they retire with no mortgage.

My partner and I live in Melbourne and bought a house on the south coast of NSW for my daughter to live in, and for us to use for holidays. She owns 40 per cent of the house and we own 30 per cent each. I plan to leave my 30 per cent to my daughter in my will and my partner plans to leave his 30 per cent to his daughter. Will my daughter need to pay Capital Gains Tax (CGT) when I die? Would it be better to transfer my share to her before I die?

If you give it to her now, you would be liable for CGT.

However, if you leave your share to her in your will, no CGT would be payable and until she disposes of the property. This could be many years in the future.

Furthermore, provided the property continues to be her principal place of residence, the impact of CGT should reduce over time.

Your daughter should be thinking about ways to buy out your husband’s share, because the situation could be unsatisfactory if he dies and 30 per cent of the property is then owned by somebody else.

I am aged 60 and work full-time. I am trying to plan my finances for retirement in six years. I have recently come into an inheritance of $170,000 and am in a quandary as to where to invest it. I would like to be able to grow the funds but also to be able to access the money relatively easily after my retirement. The money is for travel and possible small renovations, as my husband’s defined-benefit super scheme generates payments of $2415 per fortnight, which covers our living expenses. We own our home and have a $300,000 mortgage on an investment property, valued at $850,000. I am thinking about either buying and renting another property – although would need to get a large loan – or perhaps buying shares or putting the money into my super, which is now just $60,000. I am also not sure about the tax implications of shares vs super. I welcome your comments on how best to invest the money.

I do not think taking out a large loan at your age is wise.

Super is the perfect place for you to invest the money, as accessibility would not not be an issue.

You have turned 60, which means you can withdraw money from your fund as soon as you retire from your job, or at age 65 – whichever is earliest.

The money could be contributed as a non-concessional contribution and there would be no tax on it or on any withdrawals.

Keep in mind that shares are a type of asset, whereas super is a vehicle that lets you hold assets in a low-tax area.

You could have each way bet by having your money in super, with a large part of the selected fund asset mix in shares.

I have been reading with interest your comments on what happens if a couple are on the age pension and one of them dies, leaving the surviving spouse over the single asset cut-off means test of just $593,000. Does replacing worn carpets and blinds come under allowable ways of spending money on renovations?

Yes, there are a number of allowable ways for a pensioner to spend money. These include renovations, replacing household items and travel.

• Advice given in this article is general in nature and is not intended to influence readers’ decisions about investing or financial products. They should always seek their own professional advice that takes into account their own personal circumstances before making any financial decisions. 

 

Article Source: www.brisbanetimes.com.au

from Queensland Property Investor https://ift.tt/3ogziG5
via IFTTT

House price growth to slow, one way or another

The madness of rising house prices cannot be allowed go on. Apart from higher prices making it harder for our kids to get into the property market, there is the broader impact on the economy.

Ever bigger mortgages simply mean less of our wealth is used for productive pursuits, such as capital going into new start-ups that employ people, or invested in companies working on cures for diseases.

Houses are, after all, just shelter, but in Australia they have a privileged position in our tax and social security system – and anyone suggesting there should be any changes to that had better watch out.

Just ask federal Labor, who took some sensible housing policies to the last election and the one before that. Policies which have since been dropped.

The party’s platform had included restricting the use of negative gearing and a reduction on the discount on tax on capital gains on investment properties. Had those policies come into force, it is likely the latest prolonged surge in prices would not have been as steep.

While first time buyers have been attracted by record-low mortgage interest rates and government assistance, it is investors in search of easy capital gains who have been driving the most recent phase of the upswing.

Sydney home prices are up 23.9 per cent for the year ended September 26, CoreLogic figures show. Melbourne prices are up 14.8 per cent over the same period.

One sure-fire way to slow price rises is for interest rates to start rising, just as the cutting of the cash rate to help stimulate the economy during COVID-19 has helped prices on their way up.

However, that is unlikely to happen until at least the end of 2023, as the Reserve Bank of Australia says it will not be increasing official interest rates until wages growth has pushed inflation back to the upper end of its 2 to 3 per cent target band.

Regulators could tighten restrictions on mortgage lending, or the lenders could tighten the rules themselves.

“We think it would be important to take some modest steps sooner rather than later to take some of the heat out of the housing market.”

CBA chief Matt Comyn

The International Monetary Fund last week warned that a house price correction is a risk to the economy and recommended tightening lending restrictions to help cool a runaway property market.

The IMF says that more should also be done to increase the supply of housing. That is something on which the federal government and state and territory governments agree.

However, changes to increase supply, such as better planning and zoning and more land release, takes time.

Last week, CBA boss Matt Comyn said he is increasingly concerned with rising house prices and household debt levels.

Speaking during a hearing of the federal economics committee, he said: “We think it would be important to take some modest steps sooner rather than later to take some of the heat out of the housing market.

“I want to be clear, I’m not concerned about the point we are at today. But, based on the acceleration, I think it would be prudent to act sooner rather than later.”

Comyn said it is preferable for the banks to take action themselves, referring to raising the “stress test” benchmark interest rate, which includes a buffer on top of prevailing interest rates, against which loan serviceability is measured.

CBA increased its benchmark floor rate to 5.25 per cent, from 5.1 per cent in June.

 

Article Source: www.brisbanetimes.com.au

from Queensland Property Investor https://ift.tt/3zPL0tw
via IFTTT

House prices will keep going up as long as interest rates remain low

House prices are likely to keep rising irrespective of any negative shocks the economy endures due to COVID lockdowns, economists say, as rock bottom interest rates continue to drive buyers to spend up big on property.

Less than three months ago, the big banks were predicting interest rates – and mortgage repayments – could rise sooner than expected and independent of the Reserve Bank’s forecast.

Most lenders were increasing the rates for longer fixed-term loans, and it was expected they would be increased further still.

It triggered warnings from mortgage brokers on the consequences of any subsequent rate rises, who cautioned desperate buyers against taking on massive debts just to get into a frenzied market.

But the Delta variant outbreak and its ensuing hard and protracted lockdowns in Australia’s two largest capital cities has forced economists to put those interest rate rise predictions on ice.

That means super cheap finance – and people’s capacity to borrow lots of money – is here for a while yet, as the Reserve Bank reaffirmed in its latest meeting minutes on Tuesday.

Commonwealth Bank head of Australian economics Gareth Aird said as long as interest rates remained this low, property prices would keep rising, despite the large negative shock the economy is going through.

“What’s happening because of COVID is interest rates are at rock bottom. That feeds buying,” he said.

“There’s still that dynamic of low interest rates supporting people’s confidence to transact and that influences people’s decision on how much they borrow,” he said. “Also, the FOMO thing is still at work, and that further pushes up prices itself.”

And with people able to borrow more, they are spending more to get a bigger home, which in turn keeps driving prices higher, he said.

“There’s an expectation that working from home will be a normal thing and you’ll spend more time in the home, and therefore you want more room or a nicer place, so you’re willing to spend more,” he said.

Mr Aird said that, while it seemed counterintuitive, it was likely prices would only stop rising – or even fall – once the economy recovered.

“By and large, it comes down to the interest rate cycle. What has enabled people to borrow more is rates going down, but they won’t go lower, so that’s not going to change. We’re basically at the end of that process now, so there’s going to be a natural end point to all of this.

“In a kind of strange twist of fate, we could find it’s the strength of the economy that is behind home prices falling.”

His comments come after strong bidding at auctions last weekend, with Sydney recording a buoyant preliminary clearance rate of 83.7 per cent and agents attributing the buyer demand to low interest rates and the high likelihood of low rates for a couple of years yet.

Even in Melbourne, where buyers could not physically inspect the properties during the campaign until Saturday morning, the preliminary clearance rate was 66.7 per cent. A clearance rate of 70 per cent corresponds broadly to 10 per cent annual price growth.

Property prices that have already soared in the pandemic could rise another 15 per cent or so if borrowing stays cheap between now and 2024, AMP Capital chief economist Shane Oliver said.

For example, another 4 per cent by the end of this year, another 7 per cent in 2022, and 5 per cent the year after, before the interest rate rise.

“It’s crazy,” Dr Oliver said. “Originally, I was hoping the pandemic would provide a bit of relief in the sense that it would keep buyers cautious, and the lack of immigrants would take pressure off home-buying demand because underlying property demand would be less.”

Instead, he said buyers have remained enthusiastic because of low interest rates and the prospect of a vaccine-led reopening.

“The earlier talk of interest rate hikes has been replaced by lower interest rates for longer, and that’s providing some comfort to buyers,” he said.

“Price gains have remained pretty solid, and we have effectively seen a disconnect [with the broader economic situation].

“Maybe buyers are thinking ‘we know what happened last time we had a lockdown; when it ended, prices took off … so I might as well get in now.’”

Prices are at “eye-watering” levels, in the traditional sense of the word, for those who already own a home, but “eye-watering in the sense of tears for those that are trying to get into the property market”, he said.

Even with the RBA on hold, RateCity research director Sally Tindall said long-term fixed mortgage rates were starting to rise before the Delta outbreak, with four and five-year fixed products rising across the board and several three-year products also rising amid expectations of an early cash rate hike.

But with the central bank pouring cold water on that idea, shorter-term products that end pre-2024 are starting to offer even better deals to borrowers.

“Before Delta, we did see two-year fixed rates go up,” Ms Tindall said.

“That has been reversed in the last month or so; we’re seeing more cuts to two-year than hikes.

“We have seen a flood of lenders cut their variable rate. Twenty-three lenders have cut at least the variable rate in the last month, and just one lender has hiked a variable rate.”

She said that lower rates were pushing up property prices, and the fear of missing out was driving high clearance rates at auction.

“For anyone worried about the idea of rising rates, it does affect their mindset when it comes to an auction. You’ve got to look beyond this. You’ve got to factor in a decent buffer of 2 per cent or more into these [repayment] calculations because rates will rise,” Ms Tindall said. 

 

Article Source: www.domain.com.au

from Queensland Property Investor https://ift.tt/3AN1GmQ
via IFTTT

Apartment developers set to swoop on Burleigh Heads apartment site, as stock tightens

Developers are seeing success with large and boutique developments, with the most popular spot on the beach facing The Esplanade seeing heightened demand

Burleigh Heads is set to look completely different in a few years, with major residential projects lined up for the small coastal Gold Coast suburb.

Developers are seeing success with large and boutique developments, with the most popular spot on the beach facing The Esplanade seeing heightened demand.

David Calvisi’s FORME is set to create the Koichi Takada-designed Sea, while further down the road will be Allure’s 88 Burleigh.

The site amalgamation specialists GV Property Group are anticipating major local demand for a 2,024 sqm site at 1873-1875 Gold Coast Highway, Burleigh Heads.

It’s set on the sought-after beachside of the highway, meaning any potential development will likely enter from the highway, but would be oriented to the face the quieter beach.

There’s a 53 metre height limit, around 17 levels. There’s currently two apartment blocks, with 16 apartments. The site is for sale via expression of interest closing 14th October.

GV Property Group’s Antonio Mercuri said the amalgamation process has allowed this double block with a 40m frontage the opportunity to be redeveloped into high-rise apartments or a hotel or short stay accommodation.

“This collective sale of 16 individually owned apartments has scope to turn into 60+ and more new apartments located in the heart of the southern Gold Coast,” Mercuri says.

“The location provides depth in all areas of the market from first home buyers, investors, down-sizers, weekenders and owner-occupiers.”

Carly Cottam, who heads the boutique sales and marketing agent MOTIV, says the site lends itself to a development of apartments starting from larger one-bedroom plus media room apartments all the way through to four-bedroom apartments.

Cottam says there should an emphasis on curated ground and rooftop amenity to compliment the lifestyle Burleigh Heads offers residents and visitors.

Cottam adds that across the South East Queensland market, in particular in lifestyle markets like Burleigh Heads, she has seen a real surge in owner-occupier demand, although more recently there’s been increased demand from sophisticated investors.

“Both buyer profiles are seeking larger liveable residences, quality, and connection to lifestyle amenities,” Cottam says.

She says that the site is located in an extremely desirable location, with immediate access to The Esplanade and within walking distance to lifestyle amenities including James Street, Burleigh Head National Park and the upcoming Light Rail.

Todd Matheson, associate director at KMSM, said that Burleigh Heads continues to see incredible uptake of any project released to market with a drive to boutique buildings offering larger apartments aimed at owner occupiers looking for liveable apartments, close to lifestyle amenity including cafes, restaurants, beaches and shopping.

“For this location, we would recommend a combination of smaller two bedroom and three bedroom apartments with roof top amenity allowing for the low floors with limited views to utilise the roof top to entertain and take advantage of views.

“Overall, the site is located in arguably the most desired suburb on the Gold Coast and close to Burleigh’s centre allowing an emphasis of walkability to all the amenity yet far enough away for peace and quiet.

“Depending on finishes and the final breakdown of a project, we are confident in achieving sales rate of $9,000 to $11,000 in this current market, with possible uplift to $12,000 even $12,500 for the highest levels.

 

Article Source: www.urban.com.au

from Queensland Property Investor https://ift.tt/3m3EM4u
via IFTTT

New Real Estate Listings Lift Across Nation

Freshly-listed housing stock is starting to lift as the spring selling season begins to heat up.

Every Australian capital city has seen a lift in the number of new real estate listings over recent weeks, with some of the largest listing increases recorded in those capitals navigating lockdown.

Despite this, the new listings trends remain below the five-year average in every capital apart from Adelaide, Perth and Darwin.

Nationally, new listings bottomed out over the four weeks ending September 5 with just 31,731 new listings added to the market, the lowest volume since the seasonal low in January this year.

While new listings have since lifted by 9.8 per cent, the number of new listings is currently—21.6 per cent lower than the recent high in March and -3.9 per cent below the five-year average for this time of year.

New listing trend relative to previous years,
rolling four-week count 

^ Source: Corelogic 

The largest lift in new listing numbers has been in Melbourne, where the rolling four-week count reached a recent low in the first week of September when only 3230 new listings were added to the market.

Since then, the trend in new listings has surged 48.5 per cent.

Recently eased restrictions on property inspections will have added to the lift in new listings, however there was already upwards movement prior to the announcement on September 17.

Figures show Melbourne’s new listings trends have been extremely volatile, falling sharply through each of the five lockdowns to-date, before rebounding quickly once restrictions were lifted.

Sydney hasn’t shown the same volatility as Melbourne; partly due to fewer lockdowns, but also because restrictions did not prohibit private one-on-one inspections.

As a result, the rolling four-week count of new listings has steadily risen since mid-August. Based on the count of new listings as at September 19, freshly advertised listings are up 31 per cent, but remain -3.9 per cent below the five-year average for this time of the year.

In Canberra, where residents are also navigating an extended period of lockdown, the new listings trend has increased by 28 per cent since finding a low last week.

Up until midnight on September 17, physical property inspections were prohibited in Canberra. With these rules now eased, it’s likely the new listings trend will ramp up more substantially.

At the opposite end of the spectrum are the cities that have mostly avoided lockdowns.

In Perth, the new listings trend is tracking 7.9 per cent above the five-year average and up 18.3 per ecent compared to the same period last year.

Darwin listings are rapidly trending higher—45.9 per cent above the five-year average,

while Adelaide’s new listings trend is 1 per cent above average.

Brisbane’s new listings trend was suffering from a lockdown hangover, which had dragged the rolling four-week count of listings lower.

While the hangover appears to be lifting, the upwards shift is mild and the count of new listings remains -3.8 per cent below the five-year average.

The new listings trend in Hobart has held consistently below average levels throughout 2021, which is likely a key contributing factor to the rapid rate of appreciation in housing values -up 24.5 per cent during the past 12 months and the highest annual growth rate of any capital city.

The new listings trend is ramping up but remained -9.6 per cent below the five-year average over the four weeks ending September 19.

New listing trend relative to previous years 

^ Source: Corelogic 

An increase in fresh listings will be a welcome relief for real estate professionals and prospective buyers.

However, total active listings remain -29 per cent below the five year average nationally; a symptom of the soft new listings flow, and the rapid rate of absorption due to above average levels of buying activity.

More listings imply buyers will have more choice, which theoretically should help alleviate some of the urgency in the market.

With lockdown restrictions planned to ease further as vaccination targets are met, we should see an increase in confidence from vendors thinking of selling their property.

At the moment, selling conditions remain skewed towards vendors rather than buyers, but a lift in listings through spring and summer should help to rebalance buyers and sellers’ places at the negotiating table.

By how much will depend on stock levels as well as the depth of buyer demand amid worsening affordability challenges.

 

Article Source: www.theurbandeveloper.com

from Queensland Property Investor https://ift.tt/3m4HoPp
via IFTTT

Australian Unity Tips $30m into SDA Fund

Wealth and investment platform Australian Unity is ramping up its specialist disability housing portfolio, tipping a $30.5-million raise into its newly established specialist disability accommodation fund.

Since opening the fund to investors 18 months ago, Australian Unity has grown its “participant-centric” SDA assets across the eastern seaboard to more than $50 million in assets.

Australian Unity seeded the fund with 33 specialist disability accommodation apartments and five carers’ apartments in Melbourne’s eastern and northern suburbs after a ​​first-round capital raise drew $39 million in investment.

Australian Ethical, an initial investor in fund, will again act as a cornerstone participant in the raise.

The group is banking on recent rising demand for the niche asset class, which has grown from nothing into a $2.5-billion asset class in the past five years.

Housing in the sector is specially developed for people living with a disability, with rental streams backed by the National Disability Insurance Scheme.

Industry forecasts are expecting the creation of a $10-billion asset class with an estimated $700 million to be spent annually on SDA payments as part of the NDIS, unlocking an enormous opportunity for the private sector.

​​Users of supported independent living are also expected to lift by 35 per cent from 26,000 to 35,000 during the next four years, according to a market statement released by the National Disability Insurance Agency in August.

Australian Unity social infrastructure general manager Ryan Banting said the fund was a critical component of the group’s broader commitment to social infrastructure assets, including hospitals, medical centres, aged care and student accommodation.

The group’s existing social infrastructure portfolio includes Brisbane’s $1.1-billion Herston Quarter redevelopment, along with its investments in hospitals, medical centres and seniors living facilities across the country.

“Across the property market, few growth opportunities have matched that of Australia’s disability housing sector, which during the past five years has emerged from the ground-up to reach $2.5 billion,” Banting said.

“The attraction is reflective of the sector’s risk appropriate yields and the opportunity to make a measurable difference to the lives of Australians living with disability.”

As well as Australian Unity, Macquarie, Lighthouse Infrastructure and ASX-listed Arena REIT are all early movers in the sector.

Already Summer Housing has raised more than $300 million from a variety of sources, with 370 dwellings financed.

 

Article Source: www.theurbandeveloper.com

from Queensland Property Investor https://ift.tt/3uuZ4Yx
via IFTTT

Fears Wharf Strikes Will Bring Construction to its Knees

The construction industry has been dealt another blow as industrial action cripples ports across Australia, adding pressure to an already constrained construction materials supply chain.

The Maritime Union of Australia has launched strike action at Patricks Wharfs at Sydney, Melbourne, Brisbane and Fremantle, in a campaign for pay rises and increased union control of manning levels and hiring.

Port Botany wharfies in Sydney will strike next weekend, while Melbourne wharfies plan to strike every second day in October.

Master Builders Australia chief executive Denita Wawn has condemned the industrial action, which she said would paralyse the industry.

“More than $10 billion in building products was imported in the past 12 months and these strikes will hammer the building supply chain which is already under huge pressure,” Wawn said.

“Our members are already experiencing long delays and substantial cost increases due to product shortages and these strikes will make it even harder for building and construction businesses across the country.

“There’s absolutely no doubt these strikes risk hurting the recovery from Covid as governments around the country are harnessing the building industry’s economic multiplier effect to accelerate economic activity and growth.”

Container ships have been waiting up to 18 days at berth in Sydney as a result of the industrial action while negotiations have stalemated once more.

▲ Freight times on construction materials will be pushed out as ships sit in berth for up to 18 days during industrial action. 

The property industry has underpinned Australia’s Covid-19 economic recovery and produces about 13 per cent of the nation’s gross domestic product.

It has been grappling with steel and timber shortages as a result of global supply chain issues and the tailwinds of the HomeBuilder stimulus package fuelling a construction boom.

According to the Housing Industry Association, 82 per cent of builders are reporting delays with supply or trade, and there is about a 15-week lead time on timber trusses and frames, but this could blow out significantly with port industrial action.

Patrick Terminals chief executive Michael Jovic said the company had been in negotiations with the Maritime Union of Australia since February 2020, and they had an offer on the table for a 2.5 per cent pay rise over the next four years.

The ongoing industrial dispute has reportedly cost Patrick Terminals more than $15 million in revenue, which the union has rejected, while impacting supply chains across the country.

Wharf industrial action was also brought to the Fair Work Commission at this time last year, where claims were made it was delaying supply chains by up to three weeks.

But supply chain disruptions to the construction industry are likely to persist beyond the middle of 2022, according to a global risk survey released recently.

The Oxford Economics survey found one in eight businesses surveyed this month said they had been “severely affected” by supply chain interruptions, and half of respondents said they expected the Delta outbreaks to affect their businesses well into next year.

The Property Council of Australia said labour and material shortages driving up the cost of construction jobs and disruptions caused by the pandemic had delayed projects. Material shortages are at their worst in four decades.

The Australian Competition and Consumer Commission is already investigating reports of price gouging in the shipping industry, and is due to release its annual stevedoring monitoring report in November.

 

Article Source: www.theurbandeveloper.com

from Queensland Property Investor https://ift.tt/3AMKtcZ
via IFTTT

Homebuilders Make Apartment Development Shift

Brisbane builder-cum-developer Graya has acquired a boutique site in the inner-eastern suburb of Bulimba as it makes the transition from homebuilder to apartment developer.

The project is a collaboration with local architect Bureau Proberts and is the second apartment development for Graya after “Maison” in New Farm, which is close to completion.

In this TUD+ Briefing, managing director Rob Gray takes us through the new project and Graya’s broader plans.

Gray said the Bulimba development, Canvas, was part of Graya’s philosophy of sticking to the best suburbs in Brisbane.

“Bulimba really stood out to us was one of those suburbs that is very desirable to live in,” he said.

“The exciting part about this project is that predominately the Graya product is unaffordable to most people, but as this project transpired, while it is still high-end, because we would never not do high-end, it is an affordable product.

“So, for the first time, we can really appeal to some classes of investors … we’re really looking forward to dabbling in that market.”

 

Article Source: www.theurbandeveloper.com

 

from Queensland Property Investor https://ift.tt/3AMKsWt
via IFTTT

Apartment prices hitting fresh records: CoreLogic

Nearly two-thirds of the 560 record-breaking unit markets are in the capital cities

Most apartment markets around Australia have seen fresh highs, according to Eliza Owen, CoreLogic Australia head of research.

The report noted while some apartment markets in the inner cities struggle, demand was strong in suburbs offering desirable lifestyles.

Some 56 per cent of the 994 unit markets analysed are sitting at record highs.

There was an average growth of 16 per cent or $108,00 in value since the start of stage two restrictions in March last year.

The CoreLogic analysis shows nearly two-thirds of the 560 record-breaking unit markets are in the capital cities, seeing a $595,000 boost in value during the period.

Eliza Owen, CoreLogic Australia head of research, said that while some apartment markets in the inner cities continued to struggle, demand was strong in areas that were offering desirable lifestyles.

Owen expects to see continued increases in values in some of these markets through the rest of the year.

It comes as there are more signs of capital growth slowing in houses so Owen expects a little more acceleration pivoting to the unit segment.

Regional apartment value rises reflected the ongoing desire to “chase a more affordable lifestyle relative to capital cities.”

The analysis noted many inner-city suburbs continued to lag.

A total of 434 unit markets are still below their pre-pandemic levels, with 10 of the suburbs posting the largest decline in Greater Melbourne given the demand shock from closed international borders.

 

Article Source: www.urban.com.au

from Queensland Property Investor https://ift.tt/3zJEzIk
via IFTTT

How Newstead’s newest apartment development Bide is targeting the downsizer

The resident amenity is also focused around lifestyle and wellbeing. There’s a 600 sqm lush garden, known as Bide Gardens, which will feature private cabanas and barbecue facilities

The trend across the whole of Australia at the moment is for big apartments, as property buyers accept the future of a more work-from-home focused lifestyle.

And Dibcorp’s latest Newstead apartment development, Bide, is making sure it gives as much to its residents as it can without them leaving the Longland Street building.

Bide, a verb meaning to dwell or reside, comprises 89 apartments across the building, with demand high for the three-bedroom apartment, priced from $950,000. Not bad given the 121 sqm floorplate, the location – just three kilometres from the Brisbane CBD, dress circle address, and the overall designs and landscaping by Twohill & James, Wiltshire Stevens Architecture and Lat27.

The trio have made the building as liveable as possible, with buyers having the ability to customise the apartments, which are slated for completion in early 2023. There’s plenty of other upgrade options, from floor and curtains to kitchen fittings and appliances.

Bide 21 Longland Street, Newstead QLD 4006

They will bring the outside in, with floor-to-ceiling glazing opening to balconies with lush landscaping.

The resident amenity is also focused around lifestyle and wellbeing. There’s a 600 sqm lush garden, known as Bide Gardens, which will feature private cabanas and barbecue facilities.

“Bide embodies the belief that the spaces we inhabit are essential to a balanced life. It centres around the wellness of the occupier and how the space can compliment their lives,” Dibcorp suggest.

“Recent times have seen the world adapt to a new way of life. The effects of this new normality have transcended into our personal lives, our work, and the economy at large.

“One market that has greatly benefited from this change is the Brisbane property market. As investors from around the nation turn their eyes up north, Brisbane is now being recognised for what it is; a seemingly undervalued, and historically overlooked market.”

 

Article Source: www.urban.com.au

from Queensland Property Investor https://ift.tt/39Dk1Xh
via IFTTT

Victoria & Albert Broadbeach set to launch in October

The Victoria & Albert Broadbeach apartment project marketing campaign will commence in October through Colliers.

The $800 million mixed-use development will feature more the 330 apartments across two residential towers rising 30 and 40 levels.

The East tower known as The Albert will comprise 114 two, three and four-bedroom apartments over 30 levels.

The west tower, known as The Victoria, will rise over 40 levels and deliver 219 apartments of one, two and three bedrooms.

Construction is expected to begin mid next year and take two years to complete, the first of many Gold Coast projects envisaged by Iris Capital, Sydney developer, Sam Arnaout.

The $800 million high-rise development on Broadbeach will transform Broadbeach’s Niecon Plaza which was purchased for $58 million earlier this year.

The development will also include 5458 square metres of retail, dining and office space over two levels.

It will be the biggest project on Broadbeach since The Oracle apartments by the Nikiforides family more than a decade ago.

It was the same family which built the Niecon Plaza.

The site was bought from the family of late seafood king George Raptis.

The holding came with council approval for towers of 28 and 35 storeys, with a retail hub running from Broadbeach Mall to Albert Ave.

“The opportunity to purchase the Broadbeach site was not taken lightly and is in line with what we have been looking for – a multi-faceted, mixed-use project with ground-floor activation that complements the vertical village we are proposing,” Arnaout said.

“In my opinion, this is the best site in Broadbeach to deliver a landmark transformative precinct that will be well received by the end-user market and become an important legacy project for the Gold Coast.”

“Broadbeach is on the move and a new destination precinct is long overdue to complement the growth the region is experiencing,” Arnaout added.

“Our plans have been carefully crafted to ensure this will be a destination for everybody to enjoy. With every project we undertake, we like to dive into the DNA of an area and deliver for the end user. V&A Broadbeach will meet those objectives and transform what is already one of the most dynamic and most recognised areas of the Gold Coast.”

 

Article Source: www.urban.com.au

from Queensland Property Investor https://ift.tt/3m4qsse
via IFTTT

Iris Capital Unveils $800m Gold Coast Debut

Sydney-based Iris Capital is diving in deep to the booming Gold Coast development market with an $800-million, two-tower project at Broadbeach.

It has unveiled plans for the massive mixed-use redevelopment of the landmark Niecon Plaza site, which it acquired from the family of the late seafood king George Raptis for $58 million earlier this year.

The transformation of the large holding, with frontages to Victoria and Albert avenues, in the heart of Broadbeach is the biggest development in the suburb since the Nikiforides family—the original developers of Niecon Plaza—completed The Oracle more than a decade ago.

Iris Capital purchased the site spanning five titles with an existing development approval in place that was granted to the previous owner in 2015. It recently successfully applied for a four-year extension of the approval.

To be known as Victoria & Albert Broadbeach, the project will comprise a total of 333 apartments across its 30-level and 40-level towers, both topped with two sub-penthouses and a penthouse.

A fourth-level recreational podium will include a 25m lap pool, outdoor dining and barbecue area, a spa and steam room, Zen garden, yoga deck, resident’s lounge and kid’s club playground.

The DBI-designed project will also feature 5458sq m of office, retail and dining space across two levels.

▲ No brainer: Iris Capital identified Broadbeach on the Gold Coast as the prime site for its first project outside NSW. 

Iris Capital has interests in hotels, wineries, land subdivisions and major urban renewal projects.

Chief executive Sam Arnaout, who founded Iris, said the company had targeted Broadbeach for its Gold Coast development debut after identifying it as the city’s dominant beachside living suburb and premier retail, dining, entertainment and leisure precinct.

“The opportunity to purchase the Broadbeach site was not taken lightly and is in line with what we have been looking for—a multi-faceted, mixed-use project with ground-floor activation that complements the vertical village we are proposing,” he said.

“In my opinion, this is the best site in Broadbeach to deliver a landmark transformative precinct that will be well received by the end-user market and become an important legacy project for the Gold Coast.”

Arnaout said Iris Capital had been looking to expand its operations outside NSW for some time, initially exploring a move into Victoria.

“However, the way the market is heading and how buyers have responded to south-east Queensland has definitely driven our decision to expand further north as opposed to Victoria,” he said.

“The onslaught of investment and migration into south-east Queensland, the prospect of the Olympics in 2032 and regional growth over the next decade have certainly changed our strategic focus. For us, it’s a no brainer.”

 

Article Source: www.theurbandeveloper.com

from Queensland Property Investor https://ift.tt/3CPqNpK
via IFTTT

Wagner Files Plans for Mooloolaba Hotel

Toowoomba’s Wagner family is behind plans to build a new hotel in Mooloolaba next to an eight-storey car park.

Plans for the development have been lodged with the Sunshine Coast Regional Council.

Kenneth Wagner is planning a 182-room hotel, with a three-level podium with ground level commercial tenancies, and two levels of car and bicycle parking spaces.

Mode Design created the plans for an 13-storey tower on the corner block at 10-16 Brisbane Road and 7-9 First Avenue, Mooloolaba.

Wagner purchased the 2998sq m property in mid 2020, two years after the council decided to split the car park into two lots and create more paid parking in the area at a cost of $23.5 million. The site was valued at $8.4 million in 2018 and revalued prior to sale.

Minor Hotel Group are expected to operate the building and have a long-standing relationship with the developer, who also created the Oaks Toowoomba.

▲ Landscape designs on hotel development on Brisbane Road, Mooloolaba were designed by Project Urban. 

The plans are likely to receive approval with the council stating construction was expected to start in mid 2022 and be open in late 2023.

The design of the building is focused on the corner closest to the esplanade creating a “line edge curve” according to the architects.

“As a landmark corner site, the overarching design philosophy is to create a unique and memorable addition to the built environment of Mooloolaba,” the application said.

“The north-east corner of the site can be seen from the Mooloolaba Esplanade and demands a strong design response to entice people down from the foreshore.”

The region has undergone massive redevelopment with the Sunshine Coast approving $1.9 billion in developments in the 2021 financial year with 18,500 applications lodged.

Nearby at 1 The Esplanade, Aria Property Group have 2019 approved plans for another Mooloolaba hotel development which was recently redesigned.

▲ The carpark was split into two sites, one for the eight-storey carpark and the other for the proposed hotel development. 

The Wagner Corporation owns Wellcamp Airport in Toowoomba and recently Kenneth’s uncle and corporation chairman John Wagner unveiled three sets of plans for the area.

The first was a $230-million motorsport and arts centre in October 2020 and last month the corporation was working with the state government to build a regional quarantine facility.

This week it was announced a deal with US-based aviation giant Boeing for a facility to be built on surrounding land.

 

Article Source: www.theurbandeveloper.com

from Queensland Property Investor https://ift.tt/3obqAZW
via IFTTT

History points to how much the Olympics is set to impact Brisbane’s apartment market values

Brisbane’s median apartment value reached a 2020 high of $390,000. Now it’s $425,777.

There’s been a significant uptick in apartments in Brisbane, as agents brace themselves for a wave of investment when the borders open.

According to property data firm CoreLogic, values rose 1.4 per cent over August, nearly triple the growth of apartments in Melbourne (0.5%). The rolling quarterly gain of apartments in Brisbane is 6.7 per cent.

Brisbane’s median apartment value reached a 2020 high of $390,000. Now it’s $425,777.

The growth trend is expected to continue, backed in large part by billions of dollars in investment from both private and public sectors as part of the pipeline for the 2032 Olympics.

A similar growth pattern was seen in the long lead up to Expo 88, the biggest Bicentennial celebrations of the arrival of the First Fleet in Sydney Harbour. In the 11 year build up, the Brisbane LGA median house price grew by 278.8 per cent, with prices in South Bank and its surrounding suburbs seeing 335.3 per cent gains.

The $625 million fair attracted more than 15.7 million visitors to Brisbane, and put South East Queensland on the map as a world recognised tourist destination.

A similar trend unfolded when the city hosted the 2014 G20 Brisbane Summit with property prices surging 112 per cent in Brisbane and 116 per cent in South Bank in the decade before the event.

With Brisbane starting to see an uptick in listings as part of Spring selling season, unlike much of Australia, Urban took a look at some of the best Brisbane apartments for sale on Urban.com.au.

1. Trellis, South Brisbane

Trellis 20 Edmondstone Street, South Brisbane QLD 4101 

Aria Property Group are a decorated Queensland developer who have continued to improve sustainability across their South East Queensland residential apartment developments with their newest tower, Trellis.

Described as both the most sustainable and livable to date, all 110 of the two and three bedroom apartments in the 12 story building have been designed by Rothelowman.

Reminiscent of an urban retreat, Trellis reflects a new style of resort living with 1,119 sqm of recreational amenity across the Temple of Wellness on the ground floor and the Residents’ Rooftop Club on level 13.

Apartments in Trellis start from $739,000 for a two-bedroom, two-bathroom apartment. Three-bedroom apartments are priced from $1,084,000 to $1,224,000.

2. Bide, Newstead

Bide 21 Longland Street, Newstead QLD 4006 

Bide is the latest Newstead residential offering by Dibcorp Properties. It has been designed in collaboration with architects from Twohill & James, Lat27 and Wiltshire Stevens Architecture.

It presents a new way of inner-city-living, with a range of special inclusions and an urban green space exclusively for residents to relax, unwind and even work from home.

Bide comprises 89 spacious one, two and three-bedroom apartments just three kilometres from the CBD.

Two-bedroom apartments start from $635,000.

3. Silk Lane, Woolloongabba

Silk Lane 8-12 Trafalgar Street, Woolloongabba QLD 4102 

Silk Lane will give residents the best seats in the house when the sporting arena is back in a post-lockdown world.

The building’s architectural façade, designed by Nettleton Tribe Architects, draws inspiration from the angular shapes of metal structure incorporated in the neighbouring Brisbane cricket ground, The Gabba. The appropriately named Skystand will look over the wicket for The Ashes, and the main hub of the 2032 Brisbane Olympic track and field events.

Developed by Sarazin, Silk Lane will home 306 one, two and three-bedroom apartments.

Prices start from $449,000.

4. Rivello, Hamilton

Rivello 15 Wharf Street, Hamilton QLD 4007 

There’s only a handful of apartments left at Rivello, the luxury apartment development by Brookfield Properties in Hamilton.

The 21-level building designed by Cottee Parker Architects has netted over 80 per cent of sales of the block of 150 apartments.

Brookfield Residential Properties’ Managing Director, Lee Butterworth, said buyers had responded well to Rivello.

“There is certainly significant demand for Brisbane property in the current market and buyers recognise Rivello represents a rare opportunity to purchase a new apartment in a building on the Brisbane River,” he said.

 

Article Source: www.urban.com.au

from Queensland Property Investor https://ift.tt/39NXJ5z
via IFTTT

Broadbeach developers pivoting to owner-occupier apartments as Old Burleigh Road tower plans are lodged

Despite the unlimited heigh limit at 131 Old Burleigh Road, the local Dovrat family have opted for a more boutique tower, aimed at the owner-occupier or downsizer

Despite offering developer unlimited height restrictions, some developers in the Gold Coast suburb of Broadbeach are opting for more boutique projects, as the demand for bigger apartments at higher price points continues to heighten.

The newest plans will see a boutique block of just 10 full floor apartments built, one of which, the penthouse, which will span two levels.

Despite the unlimited heigh limit at 131 Old Burleigh Road, the local Dovrat family have opted for a more boutique tower, following in the footsteps of the likes of Little Projects Co. and Marquee Developments.

The Old Burleigh Road apartments will have 288 sqm of internal living area, with a further 58 sqm of balconies, including an east-facing 43 sqm balcony off the open plan living, kitchen and dining area. Each of the three bedrooms will have a walk-in wardrobe and an ensuite. There will also be a multipurpose room.

The whole floor apartments run to level 12, where the two-level penthouse starts. That will have a private rooftop terrace with its own wet edge swimming pool, dining area, outdoor kitchen, lounge area, and a sauna.

The plans for 131 Old Burleigh Road. Image credit: Raunik Design 

The resident amenity will be across levels one and two and will include an entry lobby, a swimming pool, a private dining space with kitchen, and a gym.

The town planning report by Planit Consulting stated the proposal by Raunik Design is of high architectural quality, expressing a luxurious and contemporary design through bold horizontal elements that complements the coastal character of the local area.

“The façade is comprised of naturally forming elements such as glass and concrete and incorporates black aluminium frames and horizontal battens. The elegant concrete façade wraps around each floor floated by tinted glass allowing for natural light in addition to shading and privacy and unobstructed views in every direction.

“The use of glass on the ground and mezzanine level activates the streetscape creating visual interest on a pedestrian scale. The built form presents low site coverage and substantial setbacks at the first two levels to create a legible entry and contribute positively to the streetscape.

Given its proximity to Surfers Paradise, traditionally Broadbeach has been a magnet for high density apartment towers, some with hundreds of apartments. But that’s left a gap in the market for the downsizer or owner-occupier, who ranks space over location.

One of the next boutique projects to launch is Aperture, just 29 full floor apartments at 20 Mary Avenue. That’s being developed by Little Projects Co, who recently sold out their $200 million Signature Broadbeach tower nearby.

They’ve had the award-winning architect Elenberg Fraser design the building.

The Brisbane-based Marquee Developments recently lodged plans for a 20-level tower of just 22 apartments at 17 Federation Avenue.

Hayes Anderson Lynch Architects have drawn up the plans for the 62 metre building which willl have six two-bedroom apartments, six three-bedroom apartments and 10-four bedders. It will also be crowned by a two-level penthouse.

 

Article Source: www.urban.com.au

from Queensland Property Investor https://ift.tt/2XZjQ6q
via IFTTT